Report : Middle East & Africa Industrial Absorbents Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product Type (Pads, Rolls, Pillows, Booms, Socks, and Others), Type (Universal, Oil-Only, and Hazmat/Chemical), and End-Use Industry (Oil and Gas, Chemical, Food Processing, Healthcare, Automotive, and Others)
At 4.0% CAGR, the Middle East & Africa Industrial Absorbents Market is speculated to be worth US$ 586.37 million by 2028, says Business Market Insights
According to Business Market Insights research, the Middle East & Africa industrial absorbents market was valued at US$ 464.43 million in 2022 and is expected to reach US$ 586.37 million by 2028, registering a CAGR of 4.0% from 2022 to 2028. Proliferation of oil & gas and chemicals industries in developing economies and growing environmental concerns concerning chemical and oil spills in developing economies are the critical factors attributed to the Middle East & Africa industrial absorbents market expansion.
The chemicals industry in the Middle East continues its dominance in global petrochemical production. The diversification strategy implemented by several players in the petrochemical field is a factor favoring the growth of the chemicals industry in the Middle East. For instance, Saudi Aramco joined Dow Chemical to set up a joint venture that includes process units for the production of a wide range of chemicals, including glycol ethers, polyether polyols, polyolefin elastomers, isocyanates, and propylene glycol. Also, Saudi Aramco has signed a purchase agreement to acquire a majority stake of 70% in SABIC through the Public Investment Fund of Saudi Arabia. This deal will allow both companies to integrate the businesses of petrochemicals and refining processes and meet the competitive needs of the market on a global scale. Thus, such developments in the oil & gas and chemicals industries in developing countries are likely to create significant expansion opportunities for companies in the Middle East & Africa industrial absorbents market during the forecast period.
On the contrary, fluctuating raw material prices hurdles the growth of Middle East & Africa industrial absorbents market.
Based on product type, the Middle East & Africa industrial absorbents market is segmented into pads, rolls, pillows, booms, socks, and others. The booms segment held 31.5% share of Middle East & Africa industrial absorbents market in 2022, amassing US$ 146.25 million. It is projected to garner US$ 187.31 million by 2028 to expand at 4.2% CAGR during 2022–2028.
Based on type, the Middle East & Africa industrial absorbents market is segmented into universal, oil-only, and hazmat/chemical. The hazmat/chemical segment held 42.6% share of Middle East & Africa industrial absorbents market in 2022, amassing US$ 198.05 million. It is projected to garner US$ 241.64 million by 2028 to expand at 3.4% CAGR during 2022–2028.
Based on end-use industry, the Middle East & Africa industrial absorbents market is segmented into oil and gas, chemical, food processing, healthcare, automotive, and others. The oil and gas segment held 45.6% share of Middle East & Africa industrial absorbents market in 2022, amassing US$ 211.72 million. It is projected to garner US$ 273.27 million by 2028 to expand at 4.3% CAGR during 2022–2028.
Based on country, the Middle East & Africa industrial absorbents market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 39.9% share of Middle East & Africa industrial absorbents market in 2022. It was assessed at US$ 185.40 million in 2022 and is likely to hit US$ 238.07 million by 2028, exhibiting a CAGR of 4.3% during the forecast period.
Key players profiles in the Middle East & Africa industrial absorbents market report 3M Co, Ansell Ltd, Brady Corp, Decorus Europe Ltd, and Tolsa SA, among others.
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